Kayode Tokede
The main overhaul of Nigeria’s tax system by the federal authorities has began to yield fruits as simply 20 companies listed on the Nigerian Exchange Limited (NGX) paid a whooping N3.04 trillion as earnings tax to Nigeria Revenue Service (NRS) and different companies in first half ended June 30, 2026.
This represents a rise of 79.5 per cent from N1.69 trillion remitted in first half of 2025.
The companies reduce throughout banking sector, cement manufacturing, Fast Moving Consumer Goods (FMCG), telecommunication, amongst different sectors in Nigeria economic system.
The commonplace company earnings tax fee stays 30 per cent, however the reforms by NRS launched a 4 per cent improvement levy on assessable earnings for firms inside scope. This levy changed a number of separate federal levies, so the online affect will depend on what every firm paid beforehand.
Nigeria’s tax reforms, significantly the Nigeria Tax Act 2025 and associated laws that took impact on January 1, 2026, have necessary implications for firms listed on the NGX.
They have an effect on company tax prices, money circulation, dividend capability, funding selections, compliance bills and, doubtlessly, share-price efficiency.
But skilled consider the affect is not going to be the identical for each firm. “It will depend on profitability, sector, tax incentives, capital expenditure, financing structure and how effectively each company adapts to the new rules,” mentioned a tax skilled.
Meanwhile, evaluation of the monetary outcomes of the 20 companies confirmed that Seplat Energy Plc, adopted by Aradel Holdings paid the very best tax to income companies within the interval beneath evaluate.
Seplat Energy within the H1 2026 declared N564.94 billion tax bills, a 37.2 per cent improve over N411.59 billion reported in H1 2025, whereas Aradel Holdings introduced N561.7 billion tax bills in H1 2026, up by 1150.4 per cent from N44.92billion in H1 2025.
Seplat in an announcement mentioned, “In accordance with IAS 34: Interim Financial Reporting, earnings tax expense for the interim interval has been decided utilizing the estimated weighted common annual efficient earnings tax fee anticipated for the complete monetary 12 months. This estimate is reviewed at every interim reporting date and adjusted, the place mandatory, to replicate modifications within the anticipated annual tax fee.
“Income tax expense for the group is analysed by Oil section – Half 12 months ended N533.7 billion (H1 2025: N353.5 billion); 3 months ended N372.9 billion (H1 2025: N97.5 billion) and Gas Segment – Half 12 months ended N31.2 billion (H1 2025: N58.1 billion); 3 months ended N15.4 billion (H1 2025: N34.8 billion).
The firm mentioned it has utilized the provisions of the Nigeria Tax Act 2025, which turned efficient in January 2026 and require Education Tax, the NASENI levy, and the Police Trust Fund Levy to be consolidated into Development Levy.
In the interval beneath evaluate, MTN Nigeria Communications Plc declared N384.05billion tax earnings, which is 85 per cent improve over N207.41 billion in H1 2025. Dangote Cement introduced N342.85 billion earnings tax expense in H1 2026, a progress of 63.6 per cent from N209.6billion reported in H1 2025.
Of the N3.04 trillion earnings tax expense, a complete of 9 banks remitted N845.79 billion in H1 2026, about 42 per cent improve over N596.79 billion in H1 2025.
Zenith Bank led eight others with the very best tax earnings within the interval, saying N206.84 billion, about 121.34 per cent improve over N93.45billion within the corresponding interval of 2025.
Following the 121.34 per cent improve in tax earnings, Zenith Bank noticed its revenue dropped by 19.06 per cent to N430.76 billion in H1 2026.
Analysts expressed the significance of firms remitting taxes to authorities companies, stressing that itemizing on the NGX offers room for firms to be clear in tax fee to authorities companies.
Commenting, Vice-President, Highcap Securities Limited, Mr. David Adnori said that listed firms could also be paying extra taxes this 12 months, stressing on its significance on shareholders’ return.
He mentioned failure to pay tax by listed firms would possibly pressure the federal government to shut branches and truncate operations, stating that the tax system in Nigeria should be streamlined to improve efficient remittance so as not to create dispute between the corporate and the federal government.
He, nonetheless, added that tax remittance is supposed to facilitate financial progress and firms should at all times oblige in selling remittance, most particularly to state governments the place they’ve branches.
(*20*) to him, taxes paid by firms are primarily based on legal guidelines and laws, stressing that firms are meant to play by the foundations, which has to do with full disclosure.
He defined, “A good number of income that companies generate are exempted from tax. Banks are not meant to pay tax income on treasury Bills, government bonds and agriculture loans. If you take all of those, sometimes you will find out that tax banks are paying effectively on their profit, maybe less compared to manufacturing companies, not that they are not deliberately not paying taxes.”
He careworn the necessity for banks to come collectively and make a complete tax earnings contribution to the nation’s Gross Domestic Product (GDP).
